ICICI Financial institution on Wednesday mentioned it is going to promote as much as 2 per cent of its holding in ICICI Securities via an open market transaction. “The Board of Administrators of the financial institution, at its assembly held as we speak, accepted the sale of as much as 6,442,000 fairness shares of face worth Rs 5 every of ICICI Securities Restricted (firm), representing as much as 2 per cent of its issued and paid-up fairness share capital, via an open market sale,” ICICI Financial institution mentioned in a regulatory submitting.
The sale is in accordance with the requirement of minimal public float of the corporate, the personal sector lender mentioned. ICICI Securities Restricted (I-Sec) is a subsidiary of ICICI Financial institution. It presents providers like broking, distribution of economic merchandise, wealth administration and funding banking.
As of June 30, 2020, ICICI Financial institution held 79.22 per cent fairness holding (25,52,16,095 shares) in ICICI Securities, as per knowledge on BSE. As per Sebi norms, as soon as an organization is listed, its promoters are required to convey down their shareholding to 75 per cent inside a stipulated interval to fulfill the minimal public float requirement of 25 per cent.
ICICI Securities was listed on the inventory markets in April 2018. Inventory of ICICI Financial institution closed at Rs 389.35 apiece on BSE, up 0.82 per cent. ICICI Securities closed almost flat at Rs 505.80 per share.
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